salice02
Forumer storico
Sicuro che sia 106,56?
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2
- Creatore Discussione gionmorg
- Data di Inizio
Sicuro che sia 106,56?
fabriziof
Forumer storico
Tu sei un marinaio d'acqua dolce,le burrasche per tua fortuna non le hai mai viste ,per scaramanzia meglio non nominarle invanoBahh sul mio pf si, magari sul tuo che hai tutti tripla A no.
waltermasoni
Caribbean Trader
Per gli amanti dell’Africa nera
Fitch Affirms Ethiopia at 'B'; Outlook Stable
05 JUL 2018 8:00 AM ET
Fitch Ratings-Hong Kong-05 July 2018: Fitch Ratings has affirmed Ethiopia's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B' with a Stable Outlook.
A full list of rating actions is at the end of this rating action commentary.
KEY RATING DRIVERS
Ethiopia's 'B' rating balances strong economic growth supported by the country's ambitious industrialisation strategy against the attendant macroeconomic imbalances illustrated by a wide current account deficit (CAD), thin external buffers and investment-related build-up of public sector debt. Low development and governance indicators are key constraints for the ratings. The affirmation and Stable Outlook reflect a significant acceleration of reform momentum and our expectation of a gradual pick-up in exports but also risks stemming from political transition and increased pressures on external liquidity.
The appointment of a new Prime Minister in April and the subsequent opening of the political environment have led to a material improvement in political stability. Anti-government protests in the populous regions of Oromia and Amhara have reportedly abated. Tensions nonetheless persist as illustrated by repeated episodes of political violence in western and southern provinces and a recent attack on a political rally in Addis Ababa. While the transition appears to have been supportive of reform momentum, renewed political unrest remains a risk and could deter foreign direct investment (FDI), negatively affect growth and weaken fiscal discipline. The relationship between the four constituents of the ruling Ethiopian People Revolutionary Democratic Front had been strained by three years of unprecedented protests and regional ethnic strife.
The new government has signalled a major shift in foreign policy stance and economic policies. Ethiopia indicated its intentions to apply the 2000 Algiers peace accord and unilaterally hand over disputed territories to Eritrea. The peace overture prompted unprecedented direct negotiation, which could end a protracted stand-off between the two countries.
A recently announced plan to partially privatise major state-owned enterprises (SOEs) reflects stronger government efforts to spur private sector-led growth and mobilise external non-debt private financing. However, these efforts will only bear fruit over the medium term given the regulatory and financial information gaps and governance shortcomings in the SOE sector. Investors' perception of political risks, domestic financing constraints and restrictions on external transactions could also hamper the process of privatisations, in our view. A law on public-private partnerships (PPPs) was also approved in January and the authorities aim to attract investments in the energy, transport and logistics sectors through PPPs.
We expect the tight external liquidity conditions currently faced by Ethiopia will ease gradually over the medium term, as exports pick up momentum and terms of trade improve. External financing needs are high, reflecting a wide current account deficit, and increasing maturities coming due on public external debt starting 2020 will cause them to rise further. A severe shortage of foreign currency (FX) is hampering economic activity while the exchange rate regime is rigid. The authorities have taken steps to alleviate pressures on external sustainability by curtailing public sector external non-concessional borrowing and devaluing the birr by 13% in October while tightening monetary policy. Continued weak export performance or waning of FDI inflows would raise material downside risks for external sustainability.
Fitch Affirms Ethiopia at 'B'; Outlook Stable
05 JUL 2018 8:00 AM ET
Fitch Ratings-Hong Kong-05 July 2018: Fitch Ratings has affirmed Ethiopia's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B' with a Stable Outlook.
A full list of rating actions is at the end of this rating action commentary.
KEY RATING DRIVERS
Ethiopia's 'B' rating balances strong economic growth supported by the country's ambitious industrialisation strategy against the attendant macroeconomic imbalances illustrated by a wide current account deficit (CAD), thin external buffers and investment-related build-up of public sector debt. Low development and governance indicators are key constraints for the ratings. The affirmation and Stable Outlook reflect a significant acceleration of reform momentum and our expectation of a gradual pick-up in exports but also risks stemming from political transition and increased pressures on external liquidity.
The appointment of a new Prime Minister in April and the subsequent opening of the political environment have led to a material improvement in political stability. Anti-government protests in the populous regions of Oromia and Amhara have reportedly abated. Tensions nonetheless persist as illustrated by repeated episodes of political violence in western and southern provinces and a recent attack on a political rally in Addis Ababa. While the transition appears to have been supportive of reform momentum, renewed political unrest remains a risk and could deter foreign direct investment (FDI), negatively affect growth and weaken fiscal discipline. The relationship between the four constituents of the ruling Ethiopian People Revolutionary Democratic Front had been strained by three years of unprecedented protests and regional ethnic strife.
The new government has signalled a major shift in foreign policy stance and economic policies. Ethiopia indicated its intentions to apply the 2000 Algiers peace accord and unilaterally hand over disputed territories to Eritrea. The peace overture prompted unprecedented direct negotiation, which could end a protracted stand-off between the two countries.
A recently announced plan to partially privatise major state-owned enterprises (SOEs) reflects stronger government efforts to spur private sector-led growth and mobilise external non-debt private financing. However, these efforts will only bear fruit over the medium term given the regulatory and financial information gaps and governance shortcomings in the SOE sector. Investors' perception of political risks, domestic financing constraints and restrictions on external transactions could also hamper the process of privatisations, in our view. A law on public-private partnerships (PPPs) was also approved in January and the authorities aim to attract investments in the energy, transport and logistics sectors through PPPs.
We expect the tight external liquidity conditions currently faced by Ethiopia will ease gradually over the medium term, as exports pick up momentum and terms of trade improve. External financing needs are high, reflecting a wide current account deficit, and increasing maturities coming due on public external debt starting 2020 will cause them to rise further. A severe shortage of foreign currency (FX) is hampering economic activity while the exchange rate regime is rigid. The authorities have taken steps to alleviate pressures on external sustainability by curtailing public sector external non-concessional borrowing and devaluing the birr by 13% in October while tightening monetary policy. Continued weak export performance or waning of FDI inflows would raise material downside risks for external sustainability.
salice02
Forumer storico
Grazie mille!!!
captain sparrow
Forumer storico
comandante, autorizzi questo povero marinaio d'acqua dolce a definire buraschetta il piccolo storno dei miei poveri CCC degli ultimi giorni? o preferisci maretta? fammi sapere che termini preferisci che mi adeguo prontamente. che poi cosa ne sai tu delle mie burrasche? ahaa Fabrizio, devi stare sempre a criticare e riprendere quello che si scrive? ma smettila mettimi in ignore , pls.
fabriziof
Forumer storico
Io critico non te ma ,chi scrive cazzate,almeno finché i mod me lo faranno fare,per rendere questo ambiente il più dignitoso possibile.
captain sparrow
Forumer storico
non ho mai letto utenti che scrivono caz...te come da te definito. io leggo post di gente che scrive notizie, idee e opinioni, con cui posso essere d'accordo più o meno. ma non mi permetto mai di criticare. tu non scrivi mai opinioni, solo critiche e PERCHE'. ma chi sei tu per criticare? è tuo questo forum? te lo sei comprato? invece di criticare anche i termini che si usano, scrivi qualche tua opinione, una volta tanto, tanto per cambiare.
